High-street lender backs trade body to promote UK intermediaries
LONDON, Monday 4th December 2023: The National Association of Commercial Finance Brokers (NACFB) has announced that high-street banking giant NatWest will become the trade body’s new headline sponsor from 2024. The partnership marks a significant alignment between the visions of both organisations, aimed at enriching the broker-led SME funding market.
Paul Goodman, Chair of the NACFB, made the announcement at last week’s Commercial Lender Awards and recognised the tie-up as a momentous milestone, stating: “The collaboration between two stalwarts of UK small business borrowing – NatWest and the NACFB – heralds a new era of advancements for our industry.”
“NatWest’s commitment to the NACFB’s broker standards is a resounding vote of confidence in the calibre of our membership and the integrity of the trade body’s mission. This collaboration is not merely an endorsement; it is a powerful testament to the pivotal role of the NACFB in shaping the landscape of intermediary-led commercial lending,” Paul added.
Dave Furnival, head of broker and intermediary services at NatWest, shared his enthusiasm: “Becoming the headline sponsor of the NACFB is a thrilling development for us. It’s a timely partnership at the forefront of a growing broker market. This sponsorship underlines our long-term commitment to brokers and acknowledges the importance of collaborating with their leading trade association.”
Last week, NatWest exclusively revealed to the NACFB the launch of their Opportunities Fund. Informed by broker feedback, their initiative enhances debt-service capacity, reducing the minimum debt servicing requirement from 1.75x to 1.5x EBITDA. Moreover, the NACFB Patron is increasing its support for brokers through their Broker Direct team, providing enhanced assistance and raising procurement payments for new term-debt business to 1%, up from 0.75%.
Norman Chambers, managing director of the NACFB, shed light on the practical aspects of this partnership: “NatWest will receive prime exposure to our membership, being prominently featured at all events, including the NACFB’s flagship Commercial Finance Expo. Their insights will also be a staple in our key trade publications, and they will play a pivotal role in steering our advocacy efforts with real-time feedback.”
“We are also grateful for the invaluable support of our outgoing sponsor, Allica Bank, and look forward to maintaining close ties as they continue their growth journey,” Norman concluded.
In the wake of these developments, the NACFB is set to release the full results of its market activity survey early next year. Findings from earlier this year revealed that NACFB Members facilitated £45 billion in SME borrowing in 2022, a 10% increase from the previous year.